Menu

Search

  |   Digital Currency

Menu

  |   Digital Currency

Search

Pegasystems survey indicates blockchain could be most significant innovation since the internet

Pegasystems recent survey indicates that blockchain could become a game-changing technology for the financial services industry. The research highlights blockchain to be the most significant technology innovation since the internet.

According to research undertaken by Marketforce Nearly two-thirds (60 percent) of global financial services retailers believe that blockchain will prove to be the most significant technological development. Strategic business applications provider Pegasystems Inc. and a leading provider of information technology, consulting services conducted the survey. The study surveyed 500 financial services and insurance industry executives across 56 countries to examine the challenges and opportunities they face in a time of rapid technological change.

During the survey, more than one-third (35 percent) of all global respondents confessed that they have never heard of blockchain whereas, nearly a quarter (23 percent) said they had no understanding of the technology. The study revealed that, those who had significant knowledge about blockchain thought it would have a major impact on the financial services industry.

Graham Lloyd, Director and Industry Principal of Financial Services at Pegasystems, said that, “For many, the jury is still out on whether or not blockchain will be a force for good or not. However, we do know there’s no longer room to be complacent about such a potentially significant source of disruption.

In the survey, more than half (53 percent) of respondents said the technology would have a significantly disruptive impact in clearing and settlement markets, while more than one-third (36 percent) also expect to see significant disruption from blockchain on the checking accounts market.

The survey highlighted saying, although the overwhelming majority of those who had an understanding of blockchain see it as a potential game-changer, there are still a major number of organizations who risk being left behind as a result of their own lack of knowledge or understanding on blockchain.

Lloyd stated that, “To achieve this, they will need to take the time to understand blockchain and how this emerging technology could affect them moving forward. The earlier this technology is understood at the highest levels of the business, the sooner organizations will be able to develop strategies to mitigate risk and harness the power of digital transformation. The smart players are those who already have teams dedicated to exploring this new technology.”

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.